On October 6, 2023, Waroona Energy Inc. entered into an agreement with Frontier Energy Limited, whereby Frontier would acquire all outstanding Waroona shares it didn't already own. Waroona shareholders were offered one Frontier share for every 4.27 Waroona shares, equating to C$0.069 per Waroona share, a significant premium over the previous closing and VWAP prices on the TSX Venture Exchange. This deal meant Waroona shareholders would own about 31% of the merged entity, with Frontier shareholders owning the rest.

The transaction, subject to a court-approved plan and various approvals including from Waroona shareholders and regulatory bodies, was expected to conclude by the end of 2023. Waroona's directors and senior officers, holding around 2.5% of voting securities, supported the transaction. Red Cloud Securities Inc. and DLA Piper (Canada) LLP served as financial and legal advisors to Waroona, respectively, while Farris LLP was legal counsel for Frontier.